HomeMy WebLinkAbout80-022RESOLUTION PERP4ZTTING TH~ TREASU~ER/TAX
COLLECTOR TO INVEST IN ItEPUP.CHASE
AGREEMENTS OR REVERS~ ~tEPURCHASE
AGREEMENTS
W~T~REAS, §53601 of the Government Code authorizes the
legislative body of a locaZ agency having znoney in a sin.king fund
, of, or surplus money in, its treasury, not required for the
immediate necessities of the loca~ agency, to invest such portion
of the money as it deems wise or expedient in th.e securities set
fortk~. a.n §53601; and
WHEREAS, subsection (i) authorizes investments in
repurchase agreements, which are defined as the purchase of
securities by the 1oca1 agency p~r.rsuant to an agreement by which
the seller wi11 repurchase such securiCies on or before a speci£ied
date and for a specified amount; and
W1~~k~EAS, subsection (i) also authorizes investments in
reverse repurchase agreements, which are defined as the sale of
securi~ies by the local agency pursuant to an agreement by rahich
the 1oca1 agency W~i1 repurchase such securities on or before a
specified date and for a specified amount; and
WHEREAS, subsection (i) autlcorizes the investments of
repurchase agreements or reverse repurchase agreements o:E any of
the securities authorized by §5360I; and
WHEREAS, it is considered wise to maximize the amount of
return on the surplus money in the County's treasury.
NOW, TH~REFORE, BE IT RESOLVED by this Board that:
1. The B~t~e County Treasurer/Tax ColZector may make
investments in repurchase agreements or reverse repurchase agree-
ments of any of the seCUrities authorized in §53601 of the Government
Gode.
~ASSED AND ADOPTED by the Butte County Board of
Supervisors on the 2~g day of _January .__ _, 1980, by
' the following vote:
~~E~~ Supervisors Do~an, Moseley, Wheeler, Winston and Chairman Lemke
NOES: None
ABSENT: None
NOT VOTING : None
' ~
RO E. E , Cha~.rman o the
Board of Supexvisors
A'TTEST :
CLARK A. NELSON, County Clerk/Recorder
and. ex-off' io Clerk of the Board
By
2.